Sturgeon Capital leads $1.2m round Zip24, for SaaS business revolutionising logistics
Jul 1, 2021
Bootstrapped through 2020 by former Amazon (MENA) executives Muzaffar Karabaev and Asif Keshodia, Zip24 currently offers two products; Shipox, a delivery management software, and Storfox, a warehouse management system. The business already serves over 100 ecommerce merchants, retailers, logistics services, FMCG companies, and restaurants in over 20 countries.
With the rise of ecommerce – a phenomenon that has accelerated during covid – Zip24 provides a much-needed solution for merchants and logistics companies. Zip24 believes many businesses are throwing away as much as a third of their revenues on existing solutions and that their mixture of predictive forecasting with AI/ML tools, route optimisation, and cross-border tracking will unlock this value for their customers.
The Sturgeon fund making the Zip24 investment is named SUGEF, a fund focused on investing in early-stage technology companies solving the key issues that affect the day-to-day lives of businesses and consumers in frontier markets. To date, the fund has made eight investments, with a particular focus on marketplaces and business software solutions, and the opportunities to overlay financial services and fintech with these models. SUGEF is committed to profit with a purpose, and aims to support half a million jobs through its portfolio companies while delivering 5x return for investors.
Kiyan Zandiyeh, CEO Sturgeon Capital, said, “Sturgeon is proud to be leading this round for zip24. We find the combination of a founding team of seasoned entrepreneurs and operators tackling an important issue in underserved and increasingly large markets to make the opportunity particularly compelling and are very much looking forward to working with the company.”